JP Morgan has upgraded AAD $3

JP Morgan has upgraded AAD, Ardent Leisure to Overweight from Neutral, noting the continuing roll out of Main Event - which is the main contributor to the broker's increased valuation - and acquisition of a further 8 clubs in WA.

The company has raised $50m from an institutional placement and could raise up to $15m from a share purchase plan to fund the purchase and roll out. Pre-released FY14 results are above the broker's forecasts. Price target is increased to $3.01 from $2.71